Update 12/3/23: On January 1, 2024, the interest rate on your savings account will decrease to 3.92% with an annual percentage yield of 4.00%
Update 10/29/23: It appears that they may now only be offering the 6% account to those paying the $79/month fee.
The Offer
Domain Money is a fintech offering financial planning services and also offering a fee-free savings account:
- Get 6.00% APY on your Domain Money savings account.
Additional Details
- You can only sign up for an account via the Domain Money app.
- There is no routing or account number with this account. All transactions have to go through the Domain Money app.
- There is a free option and a $79/month option. There is only a fee if you want to use the services of a Certified Financial Planner; the savings account can be gotten completely free.
- Rate is 6% APY or 5.83% APR.
- The interest is compounded monthly and credited monthly.
- The money account is established at the Georgia Banking Company (GBC), FDIC insured up to $250K.
- To deposit funds you must link an external account – looks like they use Plaid. All deposits and transfers must be initiated via ACH through the app. There is no option for check or cash deposits.
- The daily transfer limit is $100K (deposit or withdrawal).
- Cash deposits are held with Georgia Banking Company, Member FDIC. Cash deposits are held at Georgia Banking Company with the intention that they be eligible for FDIC “pass-through” deposit insurance, subject to the standard maximum deposit insurance amount per FDIC regulations (currently $250,000 per eligible Domain Money customer) and other applicable limitations.
- Individual accounts only (joint accounts are coming).
Our Verdict
Looks like an interesting account if it lasts. I’d be a bit concerned that this ends up being a teaser rate on the free account, and only lasts long-term for paid accounts. For someone who wants to experiment with this account, there isn’t much to lose by trying it out.
The downsides here are the lack of a routing/account number, the slight risk inherent in dealing with fintech/passthrough companies, and the possibility of the rate not lasting long term. It’s also worth highlighting again that the interest is compounded monthly and so when comparing against other high yield savings accounts that needs to be factored in.
We’ve added this to our list of Best High Yield Savings Accounts. Thanks to GabiG for sharing this and special thanks to reader PaulinTexas for clarifying the details of the account which were included above.
What happens to Domain Money? I looked at their website and I don’t see any saving accounts offered. All I see is they advertise you to buy their $7,500 flat fee just to talk to their financial “advisor”. Did this company go out of business as a bank or something? So weird….
Are there any “fintechs” that haven’t imploded?
Who’s to say they won’t continue to drop the interest rate further after Feb.1 to non-paying/subscribing account holders. Abandon ship and pull out before your deposits get the SBF/Bernie Madoff treatment down the road.
Maybe try to get your money out now before you need to get it from the FDIC
Who could’ve predicted that a fintech “bank” not allowing external ACH withdrawals would drop their interest rates?
Your Domain Money Deposit Account Terms and Conditions (“Deposit Account Terms”) are changing. On January 1, 2024, the interest rate on your savings account will decrease to 3.92% with an annual percentage yield of 4.00%
Received an email from Domain Money (free tier, grand-fathered into 6% rate):
“On January 1, 2024, the interest rate on your savings account will decrease to 3.92% with an annual percentage yield of 4.00%“
Just got my 6% interest for November so,
Bill ‘s post was “Fake News“.
I’m riding this train as long as Domain Money provides a competitive interest rate or changes their terms of service for those of us who signed up for the free account.
Well, that was a short ride, I should have read my email before I posted this. This is what Domain Money just sent me:
On January 1, 2024, the interest rate on your savings account will decrease to 3.92% with an annual percentage yield of 4.00%, however we have an exciting promotion to share with you.
If you become a client of one of Domain Money’s financial planning services, we’ll deposit a bonus of $500 into your savings account.
In addition, when you refer a friend to our financial planning service and they pay for one of the plans, we’ll deposit an additional $500 into your savings account.
Here’s a link to their $500 New Account Agreement
dmfp_existing_offer (domainmoney.com)
Here’s a link to their Referral Program
dmfp_referral (domainmoney.com)
I just got an email now saying the savings account rate will now be reduced to 4 percent APY starting next year. Not sure if anyone else got it but wow it didn’t even last more than 3 months and this was just a teaser rate.
I got the same email. New rate cut starts Jan 1st 2024.
Wow. I am hoping there is no difficulty in moving money out based on the comments below.
Me too. My comment is in moderation. I also sent the email to
Chuck & 
William Charles.
Announced via email today, interest will be lowered to 4% APY starting Jan 1, 2024. Also, they’re promoting a $500 bonus for signing up to their financial planning package (which now costs between $2500 to $7500 one-time fee).
This is officially nerfed
Some might say that paying a one-time fee is a “bargain”, but once you pay the one-time fee, there is no incentive for their advisor to actually work.
Sheesh.
Your Domain Money Deposit Account Terms and Conditions (“Deposit Account Terms”) are changing. On January 1, 2024, the interest rate on your savings account will decrease to 3.92% with an annual percentage yield of 4.00%, however we have an exciting promotion to share with you.
I am pulling all my money out and CLOSING the account, so short lived, what others thinking to do next?
Andrews is introducing a 6% APY Kasasa account up to $25K in a few days. There are also other options that earn 6% or more but you’ll have to jump through some hoops.
Great ! Good to know
Offering 7% upto 25K with 15 debit-card transactions
https://www.lascolinasfcu.com/premier-account
OH YEAH, WE’RE GOING THERE!Earn 7% APY with our most popular account ever.
A Premier Checking Account includes the following:
Is this CU’s membership specific or could be nationwide?